STATE LIFE INSURANCE CORPORATION OF PAKISTAN versus MST. ANWAR GULZAR
The calculation of damages paid by the insurance company on the late settlement of the claims, sections 118 (2), 118 (1) and 2 (8), the current deal holder / claimant's dispute meant that the expression meant the basic rate. In Section 118, Insurance Ordinance, 2000, the State Bank of Pakistan announced the re-purchase rate at the time of order or at the time of filing the execution and that the rate was uniformly applied for the delay period. Was to go, that is, from the time the payment was made until the time of payment until the appointment of the prosecutors was accepted by the court. The sick person on the right passed away on the 20th of 1998 and the payment of the life insurance policy was delayed, and therefore, in addition to the sum assured to the contractor, was withdrawn by section 118 (1) of the insurance ordinance. The payment of excess money as damages was recognized by the insurance company Anyone, and disputed damages were disputed between the parties only, liquid losses were to be calculated on the monthly balance for the period when the insurance company. Failure to pay under the dealer holder's policy, therefore, had to be made every month with respect to this commitment. It appears that the delay in payment can be guided by the definition of the expression rate given in Section 2 (8) of the Insurance Ordinance, the express base rate used in section 118 (2) of the 2000 Ordinance. The State Bank of Pakistan has been quoting the repurchase rate, which was announced recently to calculate losses that occurred earlier this month, from time to time.
Related judgments — Lahore High Court Lahore, 2012
